Sep 15 (Lagos) - Inflation in August officially ticked over the 25% mark and brings more worry and fear towards the Nigerian economy as far as consumers are concerned.
Nigeria’s inflation for August increased to 25.80% y/y, from 24.08% y/y in July 2023,
Summary of Nigeria’s Inflation report for August 2023:
On a monthly basis, the headline index grew by 3.18% in August (vs 2.89% in July).
The core index grew by 2.18% m/m in August vs. 2.11% m/m in July, while the food sub-index grew by 3.87% m/m compared to 3.45% m/m in July.
The urban inflation rate increased to 27.69% y/y (vs 25.83% y/y in July 2023).
The rural inflation rate was rose at 24.10% y/y (vs 22.49% y/y in July 2023).
The CBN is still maintaining an artificial key benchmark lending rate of 18.5% while if you go to a bank to get a loan, you are likely to get quoted above the 30% mark.
In the parallel markets, the Naira declined to 955 against 1USD according to abokifx website.
Crude oil prices are now above $94 a barrel and with the subsidy gone, we can expect the inflation to remain high. There is no policy changes from CBN which is being investigated for corruption by a special investigator appointed by President BAT.
reporting for easykobo.com on Friday, September 15 2023 from Lagos, Nigeria